Fund manager Baillie Gifford has said it has reassessed its plans and does not intend to move any staff into a new landmark building in Edinburgh.

The company earlier signed a deal to pre-let 60,000 sq ft building now known as 20 West Register Street but previously called the Mint Building in St Andrew Square.

Baillie Gifford has confirmed it now intends to sub-let the building and not move any staff there.

Hines Pan-European Core Fund, one of Hines’ flagship funds, completed the acquisition of the building last year.

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Hines agreed the forward purchase of the building from Edinburgh-based property development and investment company, Chris Stewart Group, in June 2018 in an off-market transaction.

As the deal was unveiled, it was confirmed it was already pre-let on a 15-year lease to the investment management firm, Baillie Gifford.  

The Hoskins Architects-designed building provides office space across seven levels.

A spokesman for Baillie Gifford said: “We decided to reassess our need for additional office space given the current circumstances and to avoid further disruption for our staff.”

The office space is being marketed through Ryden.

Baillie Gifford employs 1,317 people and has assets under management and advice of £198 billion.

An asset management firm founded in 1908, it is headquartered in Edinburgh at Greenside with offices in Buenos Aires, Dublin, Frankfurt, Hong Kong, Krakow, London, New York, Shanghai, Toronto and Zurich.

Software company Aveva has said it has no plans to furlough or fire staff even as it tries to slash costs by millions to deal with the effect of the coronavirus pandemic.

The business said it was looking to save between £50 million and £60 million in the 2021 financial year as it deals with the fallout from the health crisis.

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However, the company said it would not tap into Government support.

"At this point, Aveva does not intend to make staff reductions in response to the economic environment, furlough any staff, or make use of Government support programmes," it said in a message to shareholders on Tuesday.

"Savings will be generated from reductions in discretionary spend, travel costs and lower costs from switching key events from physical to virtual."

It buoyed investors, sending shares soaring by more than 6% at one point in the morning.

The business reported that profits nearly doubled in the 2020 financial year, up to £92 million, on revenue of £833.4 million.

"I am very pleased with Aveva's performance over the last year," chief executive Craig Hayman said.

Housebuilder Bellway has cautioned that sales activity will be "severely constrained" until lockdown restrictions are lifted further after seeing home reservations plunge nearly 70%.

The Newcastle-based group said the weekly net reservation rate plummeted 69% to an average of 71 homes between March 23, when the UK was placed in lockdown, until May 31 - down from 231 a week a year earlier.

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Completions dropped 12% to 6,721 between August 1 and May 31 - including 708 since the March 23 lockdown.

Bellway joined rivals in shutting construction sites, show homes and sales centres following the lockdown, even though construction was allowed to continue throughout.

The housing market also ground to a halt as people were told not to move where possible.

Bellway began the phased reopening of construction sites and sales offices last month as the Government also said estate agents and show homes could open again for viewings.

The group said despite the sales hit, pricing has remained "firm" and that it was seeing a gradual pick-up in customer interest having opened all its sales outlets in England since June 1.

Bellway has also now restarted building work on around 230 sites, although this is focusing on homes in the latter stages of production.

It said: "Given the ongoing uncertainty, financial guidance remains suspended, however, the resumption of build programmes should enable Bellway to slowly increase the number of completions throughout the late summer and autumn months.

"Notwithstanding this, we expect year-on-year sales activity to be severely constrained until a time when 'lockdown' restrictions are further lifted."

Bellway assured that its forward order book remained "substantial" despite the coronavirus impact, down 4% year-on-year at 6,038 homes.

It hopes to gradually increase the construction rate, with aims to allow more than one tradesman to work in a home at the same time, albeit on separate floors, over the coming weeks.

Shares in the group dipped 3% after the update.